Descriptive statistics
| N | Mean | Min | Q1 | Median | Q3 | Max | Standard deviation | |
|---|---|---|---|---|---|---|---|---|
| r_AVG | 2,207 | 9.68% | 4.12% | 6.94% | 8.57% | 11.07% | 18.17% | 3.17% |
| ETHICS | 2,207 | 0.55 | 0.00 | 0.10 | 0.45 | 0.86 | 2.25 | 0.51 |
| BETA | 2,207 | 1.01 | −0.11 | 0.65 | 0.99 | 1.38 | 2.25 | 0.52 |
| SIZE | 2,207 | 16.13 | 14.68 | 15.43 | 16.01 | 16.72 | 18.43 | 0.87 |
| BTM | 2,207 | 0.94 | 0.27 | 0.53 | 0.78 | 1.22 | 2.80 | 0.54 |
| LEV | 2,207 | 0.20 | 0.00 | 0.10 | 0.20 | 0.29 | 0.50 | 0.13 |
| LTG | 2,207 | 12.59% | 5.00% | 9.96% | 12.29% | 15.00% | 23.01% | 3.77% |
| DISP | 2,207 | 0.11 | 0.01 | 0.03 | 0.06 | 0.13 | 0.56 | 0.11 |
| GOV | 2,207 | 2.23 | 0.00 | 2.00 | 2.00 | 3.00 | 3.00 | 0.53 |
| CSR | 2,207 | 2.22 | 0.00 | 0.00 | 2.00 | 4.70 | 9.20 | 2.99 |
| DIV | 2,207 | 0.20 | 0.00 | 0.00 | 0.17 | 0.33 | 0.77 | 0.20 |
| INST | 2,207 | 0.82 | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.38 |
| ANACOV | 2,207 | 17.33 | 1.00 | 12.00 | 17.00 | 22.00 | 53.00 | 7.35 |
| 2,207 | ||||||||
| SYSTEM | 2,207 | 3.40 | 0.00 | 3.00 | 4.00 | 4.00 | 4.00 | 0.86 |
| IMPLEMENT | 2,207 | 2.63 | 0.00 | 2.00 | 3.00 | 3.00 | 4.00 | 0.94 |
| CORRUPT | 2,207 | 1.34 | 0.00 | 0.00 | 2.00 | 2.00 | 3.00 | 0.91 |
| HUMAN | 2,207 | 0.41 | 0.00 | 0.00 | 0.00 | 1.00 | 3.00 | 0.70 |
| 2,207 | ||||||||
| r_GLS | 2,207 | 7.54% | 3.62% | 6.98% | 7.31% | 8.81% | 12.64% | 2.04% |
| r_CT | 2,207 | 10.06% | 1.00% | 1.00% | 10.95% | 14.65% | 25.00% | 6.67% |
| r_OJ | 2,207 | 6.47% | 0.18% | 1.00% | 1.49% | 13.28% | 24.84% | 7.41% |
| r_ET | 2,207 | 11.11% | 4.48% | 7.83% | 9.41% | 12.19% | 25.00% | 5.39% |
| Mean | Min | Median | Max | Standard deviation | ||||
|---|---|---|---|---|---|---|---|---|
| 2,207 | 9.68% | 4.12% | 6.94% | 8.57% | 11.07% | 18.17% | 3.17% | |
| 2,207 | 0.55 | 0.00 | 0.10 | 0.45 | 0.86 | 2.25 | 0.51 | |
| 2,207 | 1.01 | −0.11 | 0.65 | 0.99 | 1.38 | 2.25 | 0.52 | |
| 2,207 | 16.13 | 14.68 | 15.43 | 16.01 | 16.72 | 18.43 | 0.87 | |
| 2,207 | 0.94 | 0.27 | 0.53 | 0.78 | 1.22 | 2.80 | 0.54 | |
| 2,207 | 0.20 | 0.00 | 0.10 | 0.20 | 0.29 | 0.50 | 0.13 | |
| 2,207 | 12.59% | 5.00% | 9.96% | 12.29% | 15.00% | 23.01% | 3.77% | |
| 2,207 | 0.11 | 0.01 | 0.03 | 0.06 | 0.13 | 0.56 | 0.11 | |
| 2,207 | 2.23 | 0.00 | 2.00 | 2.00 | 3.00 | 3.00 | 0.53 | |
| 2,207 | 2.22 | 0.00 | 0.00 | 2.00 | 4.70 | 9.20 | 2.99 | |
| 2,207 | 0.20 | 0.00 | 0.00 | 0.17 | 0.33 | 0.77 | 0.20 | |
| 2,207 | 0.82 | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.38 | |
| 2,207 | 17.33 | 1.00 | 12.00 | 17.00 | 22.00 | 53.00 | 7.35 | |
| 2,207 | ||||||||
| 2,207 | 3.40 | 0.00 | 3.00 | 4.00 | 4.00 | 4.00 | 0.86 | |
| 2,207 | 2.63 | 0.00 | 2.00 | 3.00 | 3.00 | 4.00 | 0.94 | |
| 2,207 | 1.34 | 0.00 | 0.00 | 2.00 | 2.00 | 3.00 | 0.91 | |
| 2,207 | 0.41 | 0.00 | 0.00 | 0.00 | 1.00 | 3.00 | 0.70 | |
| 2,207 | ||||||||
| 2,207 | 7.54% | 3.62% | 6.98% | 7.31% | 8.81% | 12.64% | 2.04% | |
| 2,207 | 10.06% | 1.00% | 1.00% | 10.95% | 14.65% | 25.00% | 6.67% | |
| 2,207 | 6.47% | 0.18% | 1.00% | 1.49% | 13.28% | 24.84% | 7.41% | |
| 2,207 | 11.11% | 4.48% | 7.83% | 9.41% | 12.19% | 25.00% | 5.39% |
Note(s): This table presents the mean, minimum, first quartile, median, third quartile, maximum, and standard deviation of the regression variables for the main sample for the period between 2004 and 2012. A more detailed description of the variables is in Appendix A